For years, small Italian towns like Mussomeli and Sambuca di Sicilia have drawn global attention with their unique real estate strategy: selling abandoned homes for as little as 1 euro, or about $1.08. Now, the town of Penne, in Italy’s central Abruzzo region, is joining the movement with plans to expand its own one-euro home program.
Penne launched its initiative in 2022, and six homes were purchased during the initial round. The town’s mayor, Gilberto Petrucci, recently told CNN Travel that more than 40 vacant buildings could soon be available to new owners.
The goal behind the program is to breathe life back into Penne’s historic district. “Although our total population is roughly 1,200 inhabitants, there are only 1,000 people left living in our gorgeous old district, which risks becoming a ghost town,” Petrucci explained.
The properties currently up for grabs vary in size, with up to three floors and between 750 to 1,300 square feet. Some of the buildings even date back to medieval times. Renovating a small- to medium-sized home is estimated to start at around 20,000 euros—or roughly $21,636.
What sets Penne apart from similar programs is its simplicity: there’s no deposit or down payment required. Buyers only need to commit to finishing renovations within three years. To help with the process, the town offers assistance through a dedicated agency staffed with architects and renovation experts. These professionals can help buyers find local contractors, create visual renderings, and offer guidance throughout the renovation.
If several people express interest in the same property, it will be sold to the buyer who presents the most promising and efficient renovation plan.
(All currency conversions are based on the OANDA exchange rate of 1 euro to 1.08 USD as of April 3, 2025, and are rounded to the nearest dollar.)